Total
3.4%
Construction Construction
8.5% 8.5%
Manufacturing Manufacturing
2.8% 2.8%
Information Information
8.8% 8.8%
Financial Financial Activities Activities -2.5% -2.5% Leisure Leisure && Hospitality Hospitality
6.5% 6.5%
Other Other Services Services
1.6% 1.6%
Government Government
1.5% 1.5%
Education/Health Education/Health Services Services
5.4% 5.4%
Natural Natural Resources Resources
8.7% 8.7%
Professional/Business Professional/Business Services Services
-0.3% -0.3% 4.0% September 4.0% 2022
Trade/Transportation/Utilities Trade/Transportation/Utilities
DASHBOARD 12% 12% 10% 10% 8% 8% 6% 6% 4% 4% 2% 2% 0% 0% -2% -2% -4% -4% -6% -6% -8% -8% -10% -10% -12% -12% -14% -14%
3.8% 3.8% 3.4% 3.4%
The Road to Prosperity Dashboard tracks Utah’s economic outlook. The Dashboard, which is updated monthly, provides essential insights, 2011 2012 2015 2017 2020 tracks and leading measures, and shares salient indicators. 2011 timely 2012 2013 2013 2014 2014 2015 2016 2016 2017 2018 2018 2019 2019 2020 2021 2021 2022 2022 US Utah US
Utah
THREE ESSENTIAL INSIGHTS:
1
Utah’s low unemployment rate continues. Utah’s August unemployment rate of 2.0% continues an 18-month trend of an unemployment rate below 3.0%.
2
Home prices begin to stabilize. After rapid housing increases over the last year, Utah’s median home sales price has begun to stabilize falling from $535,050 in May to $500,000 in August 2022.
Unemployment Rate August 2022
3.7% 3.7%
2.7% 2.7%
4.4% 4.4% 4.1% 4.1%
3.1% 3.1%
2.0% 2.0%
3.5% 3.5%
3.4% 3.4% 4.4% 4.4%
2.3% 2.3%
4.1% 4.1%
3.1% 3.1%
2.3% 2.3% 1.9% 1.9%
4.8% 4.8%
3.1% 3.1%
4.7% 4.7% 4.1% 4.1% 4.2% 2.6% 2.1% 2.6% 4.0% 4.2% 2.1% 4.5% 4.5%2.8%4.0% 3.9% 3.9% 2.6% 2.8% 2.5% 2.6% 2.5% 2.5% 2.5% 3.8% 3.8% 3.5% 3.5% 3.4% 3.4% 3.1% 3.1% 3.1% 3.4% 3.4% 3.1% 2.6% 2.6% 2.8% 3.6% 2.8% 3.6% 4.1% 4.1% 3.5% 3.5%
4.6% 4.6%
2.7% 2.7%
USA USA VT VT NH NH MA MA CT CT RI RI NJ NJ MD MD DC DC DE DE
3.7% 3.7% 2.1% 2.1% 2.0% 2.0% 3.6% 3.6% 4.1% 4.1% 2.8% 2.8% 4.0% 4.0% 4.3% 4.3% 5.1% 5.1% 4.5% 4.5%
2.7% 2.7% 2.8% 2.8%
4.6% 4.6% 3.9% 3.9%
2.9% 2.9%
3.4% 3.4%
1.9% 1.9%
Source: U.S. Bureau of Labor Statistics
S A LT L A K E C H A M B E R
3.8% 3.8%
3.7% 3.7% 3.4% 3.4%
3.1% 3.1%
2.8% 2.8%
2.5% 2.5% 1.8% 1.8%
4.9% 4.9% 3.3% 3.3% 2.5% 3.5% 2.5% 3.5% 1.6% 4.0% 1.6% 4.0% 1.6% 1.6% 2.6% 2.6% 2.6% 2.6% 2.9% 1.0% 2.9% 1.0% 2.2% 3.3% 3.3% 2.2% 3.8% 3.8% 3.7% 3.7% 3.0% 3.0% 3.1% 3.7% 3.1% 3.7% 1.8% 1.8% 4.8% 1.2% 4.8% 1.2% 5.6% 5.6% 2.4% 2.4%
2.7% 2.7%
5.1% 5.1%
2.2% 2.2%
4.1% 4.1%
Unemployment Unemployment Rate Rate
Utah’s consumer confidence rose in August after three consecutive months of decline. National confidence also increased.
Year-Over Job Change August 2022
3.7% 3.7% 2.8% 2.8%
3
Consumer confidence rises.
USA USA 3.8% 3.8% VT VT 2.5% 2.5% NH NH 2.4% 2.4% MA MA 4.1% 4.1% CT CT 2.6% 2.6% RI 4.0% RI 4.0% NJ NJ 5.4% 5.4% MD MD 2.6% 2.6% DC DC 2.6% 2.6% DE 2.8% DE 2.8%
2.3 2.3% % 5.1% 5.1%
Job Job Growth Growth
1.0% 1.0%
5.6% 5.6%
Source: U.S. Bureau of Labor Statistics
ROADMAP TO RECOVERY COALITION
E
Year-Over Job Change November 2010 – August 2022
Utah Year-Over Job Change by Industry August 2022 Total
3.4%
Construction
8.5%
Manufacturing
2.8%
Information Financial Activities
8.8% -2.5%
Leisure & Hospitality
6.5%
Other Services
1.6%
Government
1.5%
Education/Health Services
5.4%
Natural Resources
8.7%
Professional/Business Services
Utah Unemployment Rate August 2022
Value of Construction in Utah March 2020 – June 2022
1.8% Utah
2.3% Sanpete
$1,500 Residential 2.3% Beaver 4.1% 2.7%
2.8% 2.9%
2.7%
$ Millions
4.4%
2.5%
67% $500 66%
1.0%
San Juan USA 3.8% 2.5% 2.4% 4.1% 2.6% 4.0% 5.4% 2.6% M J 2.6% 2.8%
68.3%
68% 67%
67.4%
$30
$20
3.4%
2.5%
2022
3.1%
4.7%
4.1%
4.2% 4.0% 4.5% 3.9% 2.8% 2.6% 3.8% 3.4%
4.1%
4.6%
VT 2.1% NH 2.0% MA 3.6% CT 68.1% 4.1% RI 2.8% $500,000 NJ 4.0% MD 4.3% DC 5.1% DE 4.5%
3.5%
2.7%
64% 63.4% 4.1% $300 63% Unemployment Rate 1.9% 62% $200 61% $100 60% $0
4
3.9%
900
800 600 400
62.4% 5.1%
U.S.
60.2%
Utah
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J
2020
$
4.8%
USA 3.7%
3.1% 2.6% 2.8% 3.6% 3.5%
67.4%
4.
2021
Job Gro 200 0
2022
F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A
2020
2021
2022
Source: UtahRealEstate.com 5.6%
S A LT L A K E C H A M B E R 69%
2021
$400 65%
4.9%4.0%
VT NH MA CT RI NJ 1.7% 5.9% MD $0 2.2% M A M J J A S O N D J F M A M J J A5.1% S O N D J F MDC A 2020Department of Workforce 2021 2022 DE Source: Utah Services
Job Growth
2.3%
4.4%
68.3% $600 68%
2.3 % 5.1%
2.0%
4.1%
2.8% 3.3%
3.1%
2.5% Utah Median Home Sales Price 3.5% January 2020 – August 2022 3.1% 3.4% 69%
3.0% Grand
3.5% 4.0% 1.6% 3.4% 2.6% 2.6% 3.8% 2.9% 3.9% 2.2% 1.0% 2.2% 2.2% 3.3% $500 3.8% Washington Kane 3.7% 3.0% 3.1% 3.7% 3.4% 3.7% 1.8% 4.8% 1.2% Unemployment Rate 5.6% 2.4% 1.6%
4.6%
3.1% 2.8% 2.3% M A M J J A S O N D J 1.9% F M A M J J A S O N D J F M A M J
Source: Ivory-Boyer Construction Database 2.1% 2.6%
2.5%
5.9% 1.8% Garfield
3.7% 3.7% 2020 2.7%
2.9% Emery
$40
$10
3.4% Uintah
Non-residential 3.8% Other 3.6% Piute Wayne 3.1%
$500
$0
2.5% Sevier
Iron
$1,000
3.1% Carbon
2.0% Millard
$ Millions
2.8% Duchesne
Other Sales Price ($ thousands)
2.0% Wasatch
Non-residential
$50
1.8% Summit
1.8% Juab
$1,000 4.8% 2.1%
Residential
Sales Price ($ thousands)
2.0% Salt Lake
2.2% Tooele
$60
$1,500
1.7% Cache 2.0% Rich 2.1% Weber 1.9% Davis 1.7% Morgan 4.3% Dagget
022
2.1% 2.0% 3.6% 4.1% 2.8% 4.0% 4.3% 5.1% 4.5%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 US Utah
Source: U.S. Bureau of Labor Statistics
2.0% Box Elder
3.7%
3.4%
Note: Large year-over job change in April 2021 is inflated due to the high job losses in April 2020. Source: U.S. Bureau of Labor Statistics
4.0%
5 4
800
2.5
ROADMAP TO RECOVERY COALITION
900
68.1%
ions)
3.4%
Tra
3.8%
-0.3%
Trade/Transportation/Utilities
3.8%
12% 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% -12% -14%
Profe
2.0
Consumer Confidence October 2020 – August 2022 100
Residential Residential Residential Residential
Non-residential Non-residential Non-residential Non-residential
$600 $600 $600 $600 $500 $500
Other Other Other Other
Sales Price thousands) Sales Price ($($thousands) Sales Sales Price Price ($ ($thousands) thousands)
$1,500 $1,500 $1,500 $1,500
Millions $$Millions $$Millions Millions
$300 $300 $200 $200 $200 $200 $100 $100
$500 $500 $500 $500 O N D J F M A M J J A $0 2021 $02020 M A M J J A S O N D J F M A M J J A S O N D J F M A M J M A M J J A S O N D 2021 J F M A M J J A S O N D 2022 J F M A M J $0 $0 2020 2020 2021 2022
S
$100 $100 O $0 $0
Labor Force Participation Rate January 2020 – June 2022
D
J
F
M
A
M
J
2020 2020
2021 2021
J
A
M A M J J A M A M J J A
2022 2022
M M AA M M JJ JJ AA
Utah Bankruptcy Cases January 2020 - August 2022
69% 69% 68.3% 68.3% 69% 68% 69% 68.3% 68% 68.3% 68% 67.4% 67% 68% 67.4% 67% 67.4% 67% 66% 67.4% 67% 66% 66% 65% 66% 65% 65% 64% 65% 63.4% 64% 63.4% 64% 63% 64% 63.4% 63.4% 63%
68.1% 68.1% 68.1% 68.1%
900 900 900 900 800 800 800 800 600 600 600 600
62.4% 62.4% 62.4% 62.4%
63% 62% 63% 62% 62% 61% 62% 61%
U.S. Utah 60.2% U.S. Utah 60% 61% 60.2% 60% 61% J F M A M J J A S O N D J F M A M U.S. JU.S.J A S OUtah N D J F M A M J J J F M A 60.2% M J J A S O N D 2021 J F M A M J J A S Utah O N D 2022 J F M A M J J 60% 60.2% 60% 2020 2020
N
F M A M J J A 2022 S O N D J F M A M J J A S O N D J F F M A M J J A S O N D 2021 J F M A M J J A S O N D 2022 J F 2020 $0 2021 2022 $0 2020 FF M A M J J A M AA M M JJ JJ AA SS OO NN DD JJ FF M A M J J A SS OO NN DD JJ FF M
M AA M AA SS OO NN DD JJ FF M A M J J A S O N D J F M A M J M M JJ JJ Policy Source: Kem C. Gardner Institute 2021 M A M J J A S O N D J2022F M A M J 2020 2020 2021 2022
2021
400 400 400 400 200 200 200 200 00 JJ FF MM AA MM JJ JJ AA SS OO NN DD JJ FF MM AA MM JJ JJ AA SS OO NN DD JJ FF MM AA MM JJ JJ AA 2021 2022 0 2020 2021 2022 0 2020 JJ FF M M JJ JJ AA SS OO NN DD JJ FF M M AA M M AA M M AA M M JJ JJ AA SS OO NN DD JJ2022FF M M JJ JJ AA 2020 2021
2022
M AA M JJ FF M M JJ JJ AA SS OO NN DD JJ FF M M AA M M JJ JJ AA SS OO NN DD JJ FF M M AA M M JJ JJ 2021 2020 2021 2022 Note: The2020 y-axis starts at 60% to better illustrate changes in the labor force 2022 participation rate Source: United States Bankruptcy Court
Source: United States Bankruptcy Court
Utah Taxable Retail Sales 55 January 2020 - July 2022
SLC International Airport Passengers 2.5 January 2020 - July 2022 2.5
2020
5 5 44 4 4
2021
2022
2.5 2.5 2.0 2.0
33 3 3
Millions Millions Millions Millions
Retail Sales Billions) Retail Sales ($($Billions) Retail Retail Sales Sales ($($Billions) Billions)
Utah $500,000 $500,000 $500,000 $500,000
$500 $500 $400 $400 $400 $400 $300 $300
$1,000 $1,000 50 $1,000 $1,000
0
U.S.
22 2 2 11 1 1 00
2.0 2.0 1.5 1.5 1.5 1.5 1.0 1.0 1.0 1.0 0.5 0.5 0.5 0.5
F M A M J J A S O N D J F M A M J J A S O N D J F M A M J 0 J2020 J F M A M J J A S O N D 2021 J F M A M J J A S O N D 2022 J F M A M J 0 2020
2021
2022
2020 2020
2021 2021
2022 2022
JJ FF M M AA M M JJ JJ AA SS OO NN DD JJ FF M M AA M M JJ JJ AA SS OO NN DD JJ FF M M AA M M JJ
Note: As of October 2019, marketplace facilitators with a Utah nexus were required to pay sales tax, increasing taxable retail sales. Source: Utah State Tax Commission
S A LT L A K E C H A M B E R
00 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J J F M A M J J A S O N D 2021 J F M A M J J A S O N D 2022 J F M A M J J 2020 0 2021 2022 0 2020
JJ FF M M AA M M JJ JJ M AA M M JJ JJ AA SS OO NN DD JJ FF M M AA M M JJ JJ AA SS OO NN DD JJ FF M 2020 2020
2021 2021
2022 2022
Source: Salt Lake City International Airport
ROADMAP TO RECOVERY COALITION